Economy Set 1 MCQs

Economy GK

Economy Set 1 MCQs

Practice Economy GK MCQs on basic economic concepts including economy, economics, microeconomics, macroeconomics, goods and services, demand and supply, factors of production, opportunity cost, economic activities, sectors of economy and other fundamental concepts frequently asked in SSC, Railway, Banking, UPSC, JKSSB, JKPSC, Police, Defence and other competitive examinations.

2220
Total Questions

Practice Questions

Page 63 of 111
Question #1241
The 'United Nations' has how many principal organs?
A. 5
B. 4
C. 7
D. 6
Discuss
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Correct Answer: Option D

Explanation:
The United Nations has six principal organs.
This question belongs to: Economy GK Economy Set 1
Question #1242
The 'Economic and Social Council' is one of the principal organs of:
A. United Nations
B. World Bank
C. WTO
D. IMF
Discuss
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Correct Answer: Option A

Explanation:
The Economic and Social Council is a principal organ of the United Nations.
This question belongs to: Economy GK Economy Set 1
Question #1243
The 'Trusteeship Council' is one of the principal organs of:
A. SAARC
B. Commonwealth
C. WTO
D. United Nations
Discuss
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Correct Answer: Option D

Explanation:
The Trusteeship Council is one of the six principal organs of the United Nations.
This question belongs to: Economy GK Economy Set 1
Question #1244
The 'International Court of Justice' is the principal judicial organ of:
A. WTO
B. European Union
C. United Nations
D. World Bank
Discuss
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Correct Answer: Option C

Explanation:
The International Court of Justice is the principal judicial organ of the United Nations.
This question belongs to: Economy GK Economy Set 1
Question #1245
The 'World Intellectual Property Organization' is a specialized agency of:
A. United Nations
B. World Bank
C. IMF
D. WTO
Discuss
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Correct Answer: Option A

Explanation:
WIPO is a specialized agency of the United Nations.
This question belongs to: Economy GK Economy Set 1
Question #1246
The 'International Bank for Reconstruction and Development' is a part of:
A. UNCTAD
B. World Bank Group
C. WTO
D. IMF
Discuss
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Correct Answer: Option B

Explanation:
IBRD is part of the World Bank Group.
This question belongs to: Economy GK Economy Set 1
Question #1247
The 'International Development Association' is a part of:
A. IMF
B. United Nations
C. World Bank Group
D. WTO
Discuss
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Correct Answer: Option C

Explanation:
IDA is part of the World Bank Group.
This question belongs to: Economy GK Economy Set 1
Question #1248
The 'International Finance Corporation' is a member of the:
A. United Nations only
B. World Bank Group
C. WTO
D. IMF
Discuss
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Correct Answer: Option B

Explanation:
IFC is a member of the World Bank Group.
This question belongs to: Economy GK Economy Set 1
Question #1249
The 'Multilateral Investment Guarantee Agency' is a member of the:
A. IMF
B. WTO
C. World Bank Group
D. OECD
Discuss
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Correct Answer: Option C

Explanation:
MIGA is a member of the World Bank Group.
This question belongs to: Economy GK Economy Set 1
Question #1250
The 'International Centre for Settlement of Investment Disputes' is a member of the:
A. United Nations
B. WTO
C. World Bank Group
D. IMF
Discuss
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Correct Answer: Option C

Explanation:
ICSID is part of the World Bank Group.
This question belongs to: Economy GK Economy Set 1
Question #1251
The 'Bretton Woods twins' refer to:
A. IMF and World Bank
B. WTO and UNCTAD
C. ILO and WHO
D. UNESCO and FAO
Discuss
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Correct Answer: Option A

Explanation:
The IMF and World Bank are known as the Bretton Woods twins.
This question belongs to: Economy GK Economy Set 1
Question #1252
The 'General Agreement on Tariffs and Trade' was replaced by the WTO in which year?
A. 1993
B. 1998
C. 1995
D. 2001
Discuss
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Correct Answer: Option C

Explanation:
The WTO replaced GATT in 1995.
This question belongs to: Economy GK Economy Set 1
Question #1253
The 'Dunkel Draft' was associated with:
A. climate change
B. GATT/WTO negotiations
C. human rights
D. IMF reforms
Discuss
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Correct Answer: Option B

Explanation:
The Dunkel Draft was a proposal by Arthur Dunkel that formed the basis of the Uruguay Round agreement.
This question belongs to: Economy GK Economy Set 1
Question #1254
The 'Trade-Related Investment Measures' agreement under WTO deals with:
A. agriculture
B. banking
C. investment measures that affect trade
D. intellectual property
Discuss
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Correct Answer: Option C

Explanation:
TRIMs deals with investment measures that distort trade.
This question belongs to: Economy GK Economy Set 1
Question #1255
The 'Generalized System of Preferences' allows developed countries to:
A. grant preferential tariff treatment to developing countries
B. impose higher tariffs on developing countries
C. harmonize exchange rates
D. ban imports from developing countries
Discuss
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Correct Answer: Option A

Explanation:
GSP allows developed countries to grant preferential tariff treatment to developing countries.
This question belongs to: Economy GK Economy Set 1
Question #1256
The 'Special Drawing Right' value is calculated based on a basket of currencies that includes which five currencies?
A. US dollar, euro, franc, pound, yuan
B. US dollar, euro, rupee, pound, yen
C. US dollar, euro, yen, pound, rupee
D. US dollar, euro, yen, pound, yuan
Discuss
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Correct Answer: Option D

Explanation:
The SDR basket comprises US dollar, euro, Chinese yuan, Japanese yen and British pound.
This question belongs to: Economy GK Economy Set 1
Question #1257
The 'Fisher effect' suggests that if expected inflation rises by 1%, nominal interest rates:
A. fall by 1%
B. rise by about 1%
C. remain unchanged
D. fall by more than 1%
Discuss
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Correct Answer: Option B

Explanation:
The Fisher effect indicates nominal interest rates rise with expected inflation one-for-one in the long run.
This question belongs to: Economy GK Economy Set 1
Question #1258
The 'International Fisher Effect' relates exchange rate changes to:
A. trade balances
B. interest rate differentials
C. reserve levels
D. inflation differentials
Discuss
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Correct Answer: Option B

Explanation:
The International Fisher Effect suggests currencies with higher nominal interest rates will depreciate due to inflation.
This question belongs to: Economy GK Economy Set 1
Question #1259
The 'Uncovered Interest Parity' condition states that:
A. interest rates are equal across countries
B. inflation rates are equal across countries
C. capital flows are zero
D. expected exchange rate changes offset interest rate differentials
Discuss
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Correct Answer: Option D

Explanation:
Uncovered interest parity says the expected exchange rate change equals the interest rate differential.
This question belongs to: Economy GK Economy Set 1
Question #1260
The 'Covered Interest Parity' condition uses which instrument to eliminate exchange rate risk?
A. currency swap
B. stock option
C. credit default swap
D. forward contract
Discuss
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Correct Answer: Option D

Explanation:
Covered interest parity involves a forward contract to hedge exchange rate risk.
This question belongs to: Economy GK Economy Set 1
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